Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0047%/8h= +5.1% APRpaid last 24h +0.005%

Price spread now: Bybit against Lighter+0.042%7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$120.123% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 7 days−0.010%−$1 · spread now +0.042%, 7d avg +0.070%

Together, before fees−0.021%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.028% cheaper against Lighter than usual: you would sell low and buy high (spread +0.042% now, against its 7-day average of +0.070%). If the spread goes back, that is −$3 on $10k: about 48 hours of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XAU	4,329.8	0.0088	pay 0.0011% / 1h	58m 08s	$20.2M	$29.3M	25x
Short	Bybit XAUUSDT	4,331.6	0.0135	get 0.0067% / 4h	2h 58m	$81.7M	$169.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee LighterbpFee BybitbpOrdersPrice spread, now +0.042%Rate

Funding earned: $9.87
Price spread: +0.042% → +0.070%: −$2.8
Slippage, 4 orders: −$1.29
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$5.22
Costs to cover: 0.123%
Break-even: 10.7 days

Slippage from Lighter: live order book, 6 min ago; Bybit: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter live order book, 6 min ago	0.32 bp	0.3 bp $0	1.5 bp −$15	7.1 bp −$707	19.8 bp −$9,883
Sell Bybit live order book, 1 min ago	0.01 bp	5.6 bp −$6	6.4 bp −$64	13.1 bp −$1,311	51.8 bp −$25.9K

XAU on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX XAU-USDT	0.0000%	4h	4,334.7	+0.115%	$92K	$6.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,330.7	+0.021%	$275K	—	250x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0024%	1h	4,327.4	−0.055%	$2.0M	$5.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.477%	$619	$54	52x	as long as short
Bluefin GOLD-PERP	+0.0035%	1h	4,325.1	−0.107%	$25K	$1K	20x	as long as short
QFEX GOLD-USD	+0.0038%	1h	4,331.2	+0.033%	$6.6M	$3.1M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,334.9	+0.118%	$3.8M	$4.5M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,365	+0.813%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,326.7	−0.071%	$292.3M	$55.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,328	−0.042%	$15.1M	$57.3M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx XAU/USDC	+0.0056%	1h	4,333.2	+0.078%	$4.6M	$13.6M	25x	as long as short
Paradex XAU-USD-PERP	+0.0058%	8h	4,331.8	+0.047%	$2K	$13K	5x	as long as short
Aster XAUUSD1	+0.0059%	4h	4,331.7	+0.045%	$74.4M	$272.9M	20x	as long as short
Hotstuff GOLD-PERP	+0.0072%	1h	4,330.9	+0.026%	$32K	—	25x	as long as short
Extended XAU-USD	+0.0080%	1h	4,326.2	−0.083%	$12.7M	$35.9M	25x	as long as short
Lighter XAUlong	+0.0088%	1h	4,329.8	long leg	$20.2M	$29.3M	25x
Lighter RH XAU	+0.0088%	1h	4,332	+0.052%	$19.9M	$38.5M	25x	as long as short
Variational Omni XAU	+0.0093%	4h	4,332	+0.050%	$47.2M	$30.1M	—	as long as short
Phoenix GOLD	+0.0095%	1h	4,333.5	+0.086%	$43K	$67K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,328.3	−0.033%	$1.4M	$1.3M	10x	as long as short
Gate XAU_USDT	+0.0100%	4h	4,331.7	+0.044%	$299.1M	$427.9M	100x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,330	+0.005%	$284K	$232K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0106%	1h	4,331.4	+0.037%	$4.3M	$1.7M	20x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,330.1	+0.008%	$160K	$87	10x	as long as short
Binance XAUUSDT	+0.0116%	4h	4,330.2	+0.009%	$435.9M	$2.35B	100x	as long as short
MEXC XAU_USDT	+0.0116%	4h	4,330.2	+0.011%	$353.9M	$347.3M	1000x	as long as short
Kalshi KXGOLDPERP	+0.0120%	24h	4,333.4	+0.084%	$3.5M	$48.5M	15x	as long as short
edgeX XAUUSDC	+0.0127%	4h	4,331.4	+0.038%	$30.3M	$65.2M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0132%	4h	4,331.1	+0.032%	$1.4M	$3.0M	25x	as long as short
Bybit XAUUSDTshort	+0.0135%	4h	4,331.6	+0.042%	$81.7M	$169.7M	150x
Deribit GOLD_USDC-PERPETUAL	+0.0166%	1h	4,328.8	−0.023%	$134K	$780K	25x	as long as short
Bullet GOLD-USD	+0.0169%	1h	4,331.6	+0.042%	$58K	$77K	10x	as long as short
Bitget XAUUSDT	+0.0196%	4h	4,330.1	+0.008%	$71.9M	$132.4M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0244%	8h	4,330.9	+0.026%	$170.9M	$354.4M	100x	as long as short
Phemex XAUUSDT	+0.0304%	4h	4,333.9	+0.095%	$2.2M	$961K	100x	as long as short
BloFin XAU-USDT	+0.0356%	4h	4,332.2	+0.056%	$16.2M	$5.5M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0411%	1h	4,328.5	−0.029%	$583K	$150K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0466% / S −0.0313%	1h	4,332.8	+0.069%	$256K	—	111x	as long as short
HTX XAU-USDT	+0.1108%	4h	4,339	+0.214%	$3.2M	$7.0M	75x	as long as short